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<br />contingent upon the City's approval of the physical and environmental condition of the
<br />Subject Affordable Unit and condition of title. This Section 9 shall not be construed or
<br />understood to confer any rights upon any third parties, including without limitation,
<br />Owner's lender, and exists solely for the benefit of the City and its assignees.
<br />
<br />At any time within the ninety (90)-day period referred to in Section 8 above, even
<br />after the City notifies Owner of its interest in purchasing the Subject Affordable Unit, the
<br />City may assign its right to purchase the Subject Affordable Unitto a person or entity of
<br />its choosing. The City may re-assign its right to purchase.~; ~tstlcceeding persons or
<br />entities of its choosing in the event that the initial assigne ' " draws or is disqualified
<br />from the purchase, provided that the close of escrow is ,::' i", original period agreed
<br />to by and between Owner and the City, or such ad l' ,. ";. ,d as is agreed to by
<br />Owner. If the City or an assignee of the City fails to" complet' ,..:,,;,,@ purchase for any
<br />reason, the City may withdraw from the purchase without penalty 'atijl~,pility and Owner
<br />may sell the Subject Affordable Unit to a Qualified Buyer as if the\;~J.bt had failed to
<br />exercise its oPtion.l;\;~~gt~fIll~!ii:'l>
<br />
<br />10. Qualified Buvers. A Proposed Purchaser who meets the following
<br />requirements shall be considered a (; ,~a1ified Buyer:
<br />
<br />~~\
<br />, ,~i:'
<br />
<br />(a) The Pro,;<-;;,!., ;~';:" ,chaser shall certify that the Subject
<br />Affordable Unit will be occupied as t11i~,pur ..\~. I" ,~rincipal Residence, as defined in
<br />Section 1 of this Resale Agreement. '!~~f~t::.
<br />
<br />,,' """"';, ;~p.~
<br />
<br />(b) The combine' , j'mum incOme for all household members
<br />of the Proposed Purchaser shall not exce e hundred twenty percent (1200/0) of the
<br />median yearly income adjusted for family , " for a family in San Mateo County as
<br />published by the California Department 0 \)~r.:' using and Community Development
<br />("HCDJI) frQ", , .. .' ""'~ to time. In the event that such income determinations are no longer
<br />publish~d:~ip " ;~!in.P.t been updated for a period of at least eighteen months, the City
<br />may :,:~.;.ti!or develOlI~i~ch other reasonable method as it may choose in order to
<br />det_ine the income:;? ,:'.~';, ' families in San Mateo County at one hundred twenty percent
<br />(120oJd~!_i,i~~~ median y' ';~~j;~i, income, adjusted for family size.
<br />
<br />11 '.:'{i;\j~fj~!;beterminati :OJ"'''''''; f Transfer Amount. The sales price (the I'Transfer
<br />Amount-) for 'it~,nsfe~,:;, "e Subject Affordable Unit to a Qualified Buyer or to the City
<br />shall be the surififi~tbl~eed-Restricted Resale Price and the Sales Price Adjustment,
<br />as defined below: "'\~\ij\~~~~)~~i';:
<br />
<br />(a) The Deed-Restricted Resale Price. Said term is defined and
<br />calculated I in the following manner: the Deed-Restricted Resale Price for any Transfer
<br />of the Subject Affordable Unit to a Qualified Buyer or to City or its assignee shall be the
<br />sum of the following amounts, as adjusted pursuant to Section 11(a)(ii) of this Resale
<br />Agreement: the principal amount of the Eligible First Loan when first issued to Owner,
<br />the Appreciation Share, and the Increased Down Payment. Notwithstanding the
<br />
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<br />REDW\OO01 \DOC\023-2. DOC
<br />11/24/08 730 HvT
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